Credit: Shutterstock photoAvery Dennison CorporationAVY completed the acquisition of Hanita Coatings, a pressure-sensitive materials manufacturer of specialty films and laminates, from Kibbutz Hanita and Tene Investment Funds.
In Dec 2016, Avery Dennison had agreed to acquire Hanita Coatings, at a price of $75 million. Headquartered in Israel, with sales and distribution facilities in the U.S., Germany, China and Australia, Hanita Coatings develops and manufactures coated, laminated, and metalized polyester films for a range of industrial and commercial applications, all of which require high performance and superior quality.
Hanita Coatings' window films are used in the architecture and automotive aftermarkets; its top-coated polyester films are used in the manufacture of durable labels; and its ultra-high barrier films form part of insulation systems are used in refrigeration, buildings and cold chain packaging.
Avery Dennison Corporation Price
Avery Dennison Corporation Price | Avery Dennison Corporation Quote
Hanita Coatings' culture of innovation and long-standing commitment to R&D are a strong fit, with Avery Dennison's 80-year history of innovation in materials science. Hanita Coatings will be known as Avery Dennison Hanita and will function as a distinct business unit.
Avery Dennison benefitted from improving its quality and continuing to provide differentiated service, as well as by bringing innovation to the space, particularly in cast films. The company will continue to accelerate its pace of investment to leverage specialty labels, graphics, and reflective solutions business.
Moreover, Avery Dennison has outperformed the Zacks categorized Office Supply & Forms industry year to date. The company's shares gained around 15.5% during this period, compared with roughly 13.8% gain recorded by the industry.
Avery Dennison currently carries a Zacks Rank #2 (Buy).
Key Picks
Some other favorably placed stocks in the same space include ACCO Brands Corporation ACCO , Brady Corporation BRC and II-VI Incorporated IIVI . All of these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
ACCO Brands has a positive average earnings surprise of 24.74% for the last four quarters. Brady Corporation generated a positive average earnings surprise of 20.84% over the trailing four quarters. II-VI Incorporated has delivered an average positive earnings surprise of 59.23% in the past four quarters.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today's most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
II-VI Incorporated (IIVI): Free Stock Analysis Report
Avery Dennison Corporation (AVY): Free Stock Analysis Report
Brady Corporation (BRC): Free Stock Analysis Report
Acco Brands Corporation (ACCO): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
